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Israeli billionaire and Elad Group Owner Yitzhak Tshuva Comments on the Aquisition
 of the Plaza Hotel in New York; Wants to Build 30 More Plaza Hotels

By Ran Rimon, Globes, Tel Aviv, IsraelMcClatchy-Tribune Regional News

Dec. 11, 2007 - Fishman Holdings controlling shareholder Eliezer Fishman and Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva received the global entrepreneurship award yesterday at the closing session of the "Globes" 2007 Israel Business Conference at the David Intercontinental Hotel in Tel Aviv.

"I would like to tell you how I started," said Tshuva. "At the age of 12 I went to work on building sites, lifting concrete blocks to support my family. I worked very hard, and I believed that you have to keep trying. Today, I engage in all fields without exception, even though I come from where I have and started where I started. I worked during the day and studied at night. I have set up funds to help disadvantaged children because I know how important education is.

"To promote education, I am setting up a further fund of NIS 100 million," Tshuva announced. He also commented on his recent acquisition of the Plaza Hotel in New York. "I recall the demonstrations over the New York Plaza. I was just one person against so many, thank God we reached an agreement. Two months ago, we celebrated the Plaza's anniversary, and on the stage were the flags of the US and Israel. We've brought the Plaza to where it should be -- a six-star hotel. We have commenced building of the Plaza Singapore, and we intend to build a further 30 hotels. The most exciting one of all will be the Plaza Hotel here in Tel Aviv, Israel."

As for investment opportunities in real estate, Tshuva said, "It is now clear to everyone that the global economy's center of gravity is moving eastward. The whole of China is going through a period of development. According to the forecasts, there will be, in effect, a new China, they're going to build millions of apartments over there. The developed countries will maintain a status quo, and they will continue to supply developing countries with whatever they need."

Also on the panel at the session together with Tshuva and Fishman was Israel Corp. (TASE: ILCO) chairman Idan Ofer, who was named Globes Man of theYear for 2007. The three men were asked what they felt was the secret of financial success. Ofer replied, "Being born well. But at the age of 20 something, I headed east, and started from scratch there. I would advise people to go and live in the East."

"The secret of my success is my wife. She has supported me right from the start," said Tshuva. Eliezer Fishman replied, "You need to work hard and have a lot of patience."

Tshuva later added, "I will donate part of my fortune at some point. My children agree with me on this."

The three men were asked about their plans for 2008. "Next year we will enter the energy sector," Fishman said. Tshuva replied, "I still have plenty to get through before the end of this year." Ofer said, "The electric car venture with Shai Agassi -- that's for next year."

Eliezer Fishman is the controlling shareholder in "Globes."


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Copyright (c) 2007, Globes, Tel Aviv, Israel

Distributed by McClatchy-Tribune Information Services. For reprints, email, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. TelAviv:DLEKG, TelAviv:ILCO,

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